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Impossible to repair my credit score?

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dylan1100 Joined: 06 Mar 2010 Posts: 1 1.55 Dollars($)	Posted: Sat Mar 06, 2010 10:31 pm    Post subject: Impossible to repair my credit score? Like 0 Dislike 0 Declared bankruptcy 4 years ago. Was turned down by my bank of 5 years for a secured card. My mortgage of one year is in my wife's name. Basically I NEED TRADE LINES. I keep getting turned down for any loan of any type - and have only applied for 3 things which would register a hit on my credit in the past 3 years. What can I do here?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Mon Mar 08, 2010 12:17 am    Post subject: Like 0 Dislike 0 Hi dylan! Welcome to forums! What type of bankruptcy did you file for? If you filed for Chapter 7, then you won't be able to get qualified for a conventional loan prior to 4 years of your bankruptcy discharge. If you've completed 4 years of discharge, then you can apply for a loan. Getting a loan will also depend upon your credit score. If you had taken steps in these 4 years to improve your credit score, then it would be easier for you to get a loan. Feel free to ask if you've further queries. Sussane
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Mon Mar 08, 2010 11:13 am    Post subject: Like 0 Dislike 0 1. what is your score? 2. make sure all the items in the BK are marked on the credit report as part of the BK 3. have you tried for store cards or gas cards? _________________ there's always hope! "My credit score shot up 68 points!"
joshuaheckathorn Joined: 09 Feb 2010 Posts: 101 Location: Seattle, WA 18.04 Dollars($)	Posted: Wed Mar 10, 2010 8:33 am    Post subject: Like 0 Dislike 0 Is your wife willing to add you as an authorized user on some of her old credit card accounts in good standing? That's probably the fastest way to get some positive tradelines on your credit reports. _________________ Creditnet.com: Compare the best credit cards and apply securely online.
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Wed Mar 10, 2010 1:47 pm    Post subject: Like 0 Dislike 0 Unfortunately, adding ppl as an authorized user doesn't work anymore It used to work in the old FICO system _________________ there's always hope! "My credit score shot up 68 points!"
joshuaheckathorn Joined: 09 Feb 2010 Posts: 101 Location: Seattle, WA 18.04 Dollars($)	Posted: Wed Mar 10, 2010 5:48 pm    Post subject: Like 0 Dislike 0 The ECOA (Equal Credit Opportunity Act) precludes the removal of authorized users from credit-scoring models, and it will remain that way until Congress changes the law itself. Even FICO has said in public statements that they continue to include authorized user accounts in score calculations in order to comply with federal regulations. Yes, the new FICO model is supposed to help lenders protect against authorized-user account ‘piggybacking’ (those who pay to be added as an authorized user on strangers' accounts) by incorporating a new patent-pending technology that reduces any score impact. But that's completely different from legitimately adding my spouse or child as an AU on my credit cards. People have done it for a long time, and it still works. _________________ Creditnet.com: Compare the best credit cards and apply securely online.
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Wed Mar 10, 2010 6:43 pm    Post subject: Like 0 Dislike 0 When's the last time you did it? Last FEW times I have done it....it didn't work and we waited months. It used to be almost instant to see a new score Either way...mortgage lenders have written guidelines to ignore authorized users....and will reject the loan app if all they see is the AU accounts Lenders are going to look for at least 3-5 tradelines that is solely or jointly held by the applicant. _________________ there's always hope! "My credit score shot up 68 points!"
joshuaheckathorn Joined: 09 Feb 2010 Posts: 101 Location: Seattle, WA 18.04 Dollars($)	Posted: Thu Mar 11, 2010 12:36 am    Post subject: Like 0 Dislike 0 4th Q of last year. I haven't personally added AUs to any of my cards yet in 2010, but I don't see why anything would be different now. The law is still the same. It's certainly not going to get the OP into a new mortgage, but it can't hurt to try it and potentially get a few additional accounts with positive history on an otherwise empty credit report. That can often open up the door to other opportunities to build good credit. _________________ Creditnet.com: Compare the best credit cards and apply securely online.
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Thu Mar 11, 2010 8:32 am    Post subject: Like 0 Dislike 0 It CAN hurt because lenders have been looking at stuff like this for a long time and it's a RED FLAG I have seen matrices that contain restrictions for applicants with AU accounts. I have also seen DU/LP refer because of AU _________________ there's always hope! "My credit score shot up 68 points!"
joshuaheckathorn Joined: 09 Feb 2010 Posts: 101 Location: Seattle, WA 18.04 Dollars($)	Posted: Thu Mar 11, 2010 9:26 am    Post subject: Like 0 Dislike 0 It doesn't sound like the OP is trying to secure a mortgage since he mentioned his house is already in his wife's name. He just wants to get some positive credit history on his reports, and there's nothing wrong with one spouse helping out the other. _________________ Creditnet.com: Compare the best credit cards and apply securely online.
pseibel Joined: 21 Mar 2010 Posts: 4 1.94 Dollars($)	Posted: Sun Mar 21, 2010 10:35 pm    Post subject: Like 0 Dislike 0 What do the acronyms AU, DU, and LP mean. Thanks.
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Mon Mar 22, 2010 5:53 am    Post subject: Like 0 Dislike 0 AU - automated underwriting DU - Desktop underwriting LP - Loan Prospector and there are others that lenders use _________________ there's always hope! "My credit score shot up 68 points!"
joshuaheckathorn Joined: 09 Feb 2010 Posts: 101 Location: Seattle, WA 18.04 Dollars($)	Posted: Mon Mar 22, 2010 7:06 pm    Post subject: Like 0 Dislike 0 Also, AU= authorized user. _________________ Creditnet.com: Compare the best credit cards and apply securely online.

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